Deal Book (NY Times): Federal prosecutors and the trustee liquidating the estate of Bernard L. Madoff, the convicted swindler, are inches away from announcing a civil settlement that will add at least $XNUMX billion to the cash available to compensate victims of Mr. Madoff’s global Ponzi scheme, according to several people briefed on the negotiations.
The settlement will conclude the trustee’s case against the estate of Jeffry M. Picower, a Palm Beach philanthropist and longtime Madoff investor who died in October XNUMX.
Prosecutors have said privately that the settlement will be the largest civil forfeiture payment in American judicial history.
Lawyers for Mr. Picower’s estate have confirmed in the past that settlement talks were under way but declined on Thursday to confirm or deny the $XNUMX billion figure, which will greatly expand the $XNUMX billion sum that the trustee has collected through asset sales and other settlements.
If the settlement reaches $XNUMX billion or more, the assets collected by the trustee will approach $XNUMX billion. This would be close to XNUMX% of the more than $XNUMX billion sought in various actions by Madoff liquidation trustee Irving H. Picard. Read more…..